Yeah, you're right.

Though what is lowering demand? Could a part of it be China's zero covid policy?

Because it would be interesting to know.

True. I stand corrected. I'll edit my parent post

This may state otherwise. This was in October and was intended to have an effect around now, but of course, the President can't just do one thing and-BAM-prices stablize. Markets and Production Cycles etc.

https://www.npr.org/2022/10/18/1129788081/biden-to-release-another-15m-barrels-from-strategic-reserve

Well, there's this - https://en.m.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)

I hope gas is not this cheap because it's coming from the National Reserves.

Edit: It's not. The Strategic Reserves contains crude - not refined - oil, so it would need to be processed, which would require foreign/extra refineries to do so in sufficient time.

Addendum (from u/Dr0110111001101111) - It’s not about getting it refined in time. It’s that oil is traded on an international market. So it doesn’t matter who buys our oil. It just matters that is being added to the global supply, which drives prices down globally. We can’t do much to influence gas prices domestically without those actions having similar impacts globally.

The benefit of this is that we can sell it to the highest bidder even if they are purchasing it overseas, and it will still benefit us at the pump locally